Apple, which now has more than $100 billion in cash on hand, said today that second-quarter sales and profit rose on continued demand for the iPhone 4S and new buyers of the third-generation iPad.

But with about a 40 percent rise in the shares so far this year, the question is whether that's enough to keep investors happy.

(Photo credit: Wikipedia)

In the second quarter, Apple said it sold 35.1 million iPhones, 11.8 million iPads and 4 million Macs. Analysts were predicting sales of 31 to 32 million iPhones, 12-13 million iPads and about 4 million Macs.

Sales rose to $39.2 billion, up from $24.67 billion a year ago. Profit was $11.6 billion, or $12.30 a share, up from $6.40. Analysts on average were expecting sales of $36.8 billion and profit of $10.06 in the March period. Gross margin was 47.4 percent, compared to the 42 percent that Apple said it was expecting.

In terms of the forecast, Apple said sales this quarter will be $34 billion and profit will be $8.68 a share. Analysts had anticipated sales of $37.4 billion on profit of $9.93 a share.

Tim Cook, who took over as CEO last August, had this to say in today's earnings statement:

"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver."

Apple's shares, which fell $11.42, or 2 percent, to close at $560.28 in regular Nasdaq trading, are up 6.6 percent in late trading.

The shares have skipped above and below $600 for the past week on concerns that Apple may not be able to get enough Qualcomm chips for use in the much-anticipated iPhone 5 later this year, after the chipmaker warned last week of a supply squeeze. There's also concern that carriers are tired of subsidizing the iPhone (to be able to sell it for $99 and $199) and that their expected price increases will eat into Apple's margins.

Those issues don't worry Piper Jaffray's Gene Munster, who has said he expects Apple's shares to rise to $1,000 in the next two years and the company to become the first with a $1 trillion valuation.

In an investor note earlier today, Munster said that no matter investors' reaction to today's results, he's still counting on the iPhone 5 to be a "revolutionary update" when it's released around October and to serve as a catalyst for Apple's growth.